Major Challenges Today's Entrepreneurs Face

Major Challenges Today's Entrepreneurs Face

We can all agree that securing funds is your first stumbling block that comes in the way of turning your startup idea into a business, but it’s definitely not the only one. We showed in our previous blog ‘Accessible Funding Resources for your Startup’ three resources that can help you fund your business. However, capital is not the only pillar of a successful business. In today’s blog, we will review other main challenges that all startup owners have to face throughout the process of establishing their business.

Legal Structure

Legal
Starting a new business is not like purchasing a new product. After you have decided the jurisdiction where you can conduct your business (you can read more about this in our blog Reasons to start your business in Shams), you have to get your business licensed. Depending on the business activity, some authorities grant entrepreneurs a business license on the same day. On the other hand, getting your startup legalized might be a long process, especially if the activity is of the types that require approval from higher authorities.

Office Space

Besides freelancing, all types of business require office space where they can run the businesses. If you think about it, even freelancers have an assigned spot, be it a space in their homes or in cafes, where they do their work. Routine is necessary for the life of a company, and an office is part of that routine. The challenge arises when you want to secure an office. As a UAE entrepreneur, you have multiple options; if it’s mandatory by law for your business to have an office, you may have to secure a serviced office. For Free Zone companies, the type of office space depends on the jurisdiction of the Free Zone and the options it lays out for its companies. If there are no restrictions on the physical office space for your startup, you can always opt for a co-working space; it is the level that most startups begin with.

Competition

With the role technology plays in our lives today, it’s become easier to put your business out there and start growing your audience. However, if it’s easier for your startup, then it’s easier for other startups as well! One of the drawbacks of online marketing is that everyone can do it. When consumers view an overload of new innovations on a daily basis, they grow discouraged and uninterested.

Therefore, making it big in the business world requires a creative online campaign that will secure your business a base of customers.

Start your business